Cramer Quick Take: News Corp is Resetting The Game

NEW YORK (TheStreet) -- Shares of News Corp (NWSA) may be taking it on the chin of late, but Jim Cramer told Debra Borchardt at TheStreet.com Thursday that he's sticking with the company for his charitable trust, Action Alerts PLUS on the promise of its proposed breakup.

Cramer said News Corp outlined three areas of weakness in its conference call: Italy, Australia and its Fox broadcast network. Fox has been having a tough time competing with the likes of ESPN in the lucrative sports world, but that all could change after News Corp splits itself up later this year and could potentially cobble together an international sports network to rival that of ESPN.

It may be wait and see for now, but Cramer said it will be a whole new ball game for News Corp after the split.